ING Investment Management (INGIM) has been hired by the Philippines government to manage around $1.1 billion of its pension money.
The mandate was given to INGIM after a one-month selection process, the Government Service Insurance System (GSIS) of the Philippines said in a statement.
INGIM has proposed to invest the $1.1 billion into global fixed income, global property securities, global high dividend and alternative investments.
GSIS has also hired French bank Credit Agricole to help manage the mandate.
"We have experienced a significant increase in demand for tailored solutions from Asian clients," INGIM chief executive David McClatchy said.
GSIS has set a minimum return requirement of 8 per cent on the investments and said that other asset managers could add mandates in the future.
BNP Paribas, Credit Suisse Asset Management, Deutsche Asset Management, Northern Trust Global Investment, Pacific Investment Management Company, Goldman Sachs JBWere and Societe Generale were the other contenders for the mandate.
INGIM has more than $40 billion in assets under management.
